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Singapore's November PMI slips to 51.8, electronics PMI drops to 50.6

Singapore's Purchasing Managers' Index (PMI) dipped slightly in November to 51.8, down 0.1 from October's three-and-a-half-year high of 51.9.

PHOTO: SPH

SINGAPORE'S Purchasing Managers' Index (PMI) dipped slightly in November to 51.8, down 0.1 from October's three-and-a-half-year high of 51.9.

But the PMI for the electronics sector dropped more drastically, falling 1.9 to 50.6 - a far cry from October's 52.5 reading.

Private-sector economists polled by Bloomberg prior to the data release had expected the overall PMI to come in at 51.5, and the electronics PMI at 52.1.

A reading above 50 denotes an expansion in the manufacturing sector, and one below 50, a contraction.

The Singapore Institute of Purchasing & Materials Management (SIPMM) said on Tuesday that new export orders in the electronics sector contracted for the first time after having recorded over 22 consecutive months of expansion. All sub-indices for the electronics PMI were down from October as well, save for prices and deliveries.